Turkish authorities have detained 175 people in an investigation into an international fraud network accused of targeting foreign investors through fake forex and cryptocurrency investment schemes.

London's trading industry is coming home!

Justice Minister Akin Gurlek said coordinated raids were carried out across Istanbul and Mugla as part of an investigation into companies that allegedly operated call centres and promoted investment opportunities through social media and online advertisements. The operation targeted 239 suspects across 286 addresses, including 42 call centres linked to 28 companies, according to the authorities.

Gurlek said individuals linked to Israel were predominant in the ownership and ultimate beneficiary structures of the companies involved. The statement describes the findings of the Turkish investigation and does not by itself establish involvement by the Israeli government or state institutions.

The investigation comes as Türkiye's relations with Israel have remained strained since the Gaza war began. Türkiye halted direct trade with Israel in 2024, while political relations have continued to deteriorate.

Fake Profits Used to Attract Investors

The investigation covers four cases opened by the Istanbul Chief Public Prosecutor’s Office during 2026. Authorities said the companies targeted foreign nationals with promises of high returns from forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and cryptocurrency investments through advertisements published online.